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Yahoo! to Microsoft and Icahn: Put up or shut up

Yahoo! to Microsoft and Icahn: Put up or shut up

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by Stephen Withers
Tuesday, 08 July 2008
Page 2 of 3 Yahoo's single paragraph response to the latest developments reads: Featured Whitepaper 5 Best Practices for Smartphone Support "Yahoo!'s Board of Directors continues to stand ready to enter into negotiations with Microsoft Corporation for an acquisition of Yahoo!. Indeed, as recently as June, Yahoo!'s independent directors and management approached Steve Ballmer about just such a transaction, only to be told that Microsoft was no longer interested even in the price range which they had previously proposed. Now Mr. Ballmer and Mr. Icahn have teamed up in an apparent effort to force Yahoo! into selling to Microsoft its Search business at a price to be determined in a future "negotiation" between Mr. Icahn's directors and Microsoft's management. We feel very strongly that this would not lead to an outcome that would be in the best interests of Yahoo!'s stockholders. If Microsoft and Mr. Ballmer really want to purchase Yahoo!, we again invite them to make a proposal immediately. And if Mr. Icahn has an actual plan for Yahoo! beyond hoping that Microsoft might actually consummate a deal which they have repeatedly walked away from, we would be very interested in hearing it." In February, Microsoft made a $US31 per share bid for Yahoo that was rejected by the board. Microsoft then threatened a proxy battle if the deal did not go ahead, but the Yahoo! board stood its ground. What happened next? Our potted history of the attempted takeover concludes on page 3. << First page < 1 2 3 Next page > Last page - Post your comment >>

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